31st Mar 2015 12:27
LONDON (Alliance News) - Russia-focused investment company Aurora Russia Ltd on Tuesday said it has finalised its budget plans for the coming financial year, including a cut in the fees due to its directors, and said it will launch a share buyback.
Aurora it has budgeted its total annual running costs at GBP380,000 for the financial year starting April 1, down 42% on a like-for-like basis on the year before. This will include a 43% reduction in the fees payable to its directors, down to GBP105,000.
In addition, the company said it intends to buy back up to 6.8 million shares in the company for cancellation at a price of 10 pence per share, giving the buyback a total value of GBP680,000.
Shares in Aurora were up 2.2% to 10.6 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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